The latest Commitments of Traders report was released, covering positions through Tuesday
The 3-Year Min/Max Screen shows that smart money commercial hedgers continued to buy stocks while selling soybeans and other agricultural contracts. They used the recent correction in equities to load up, now holding about $47 billion worth of contracts in the S&P, Dow, and Nasdaq (commercial hedgers take the opposite side of large and small speculators). This has been extreme, and bullish, since late March. It should be noted that this data was screwy prior to the last 10 years and did not work nearly as well. Since then, it's had an excellent record and remains a positive for stocks. Hedgers are still short 10-year Treasuries (but very long 30-years) and haven't budged on their net long exposure to the U.S. dollar.